The latest was on Friday: This Trend Is Very Worrisome For Apple. Apple's stock is at $527 today. Revenue for this quarter is forecast to be $55 billion, net income is expected to be close to $12 billion.

So, as you can see, for three years running Blodget has warned Apple that market share losses are going to lead to something bad happening. And for three years Apple has been fine.

That's not to say Blodget is going to be wrong, it's just to say, this is a very worrisome trend for his prediction about Apple.

But what is his prediction about Apple, exactly? When I ask him, he says he's not making a prediction.

When I press him, he says he believes Apple's margins will eventually be compressed because it's going to have to chase market share at some point. That means selling a cheaper phone to get new users. Logically, this makes sense. But, there's some evidence that it might not actually work out that way.

Horace Dediu of Asymco recently noted that late smartphone adopters are behaving differently than early smartphone adopters. In the U.S. market, 50% of cellphone owners have smartphones. If you use comScore data — which I think is shaky in absolute numbers, but instructive for trends — you find that the most recent buyers of smartphones are leaning towards iPhones over Android.

In the last six months, Android share growth is slowing while iOS is still gaining.

If this trend continues then the next 50% may not behave as one might expect (namely that late adopters would take the low-cost commodity offering accelerating Android adoption.) Late adopters may, in fact, be choosier than early adopters. And it’s not at the cost of overall growth. Late adopters are still converting at the same rate of the early adopters.

So, it's entirely possible the next group of smartphone buyers isn't just cheaper, but choosier. And they might choose the iPhone.

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It took a decade for the market share vs. "premium" dynamic to play out in the PC market. If it plays out in the mobile market, it will likely take a similar amount of time.

And if I have made a "prediction," it is not that Apple is doomed. It is merely that Apple faces a choice.

Apple can continue to protect its profit margin, or it can drive for additional market share. It can't do both, especially as the gadget market expands to include the 6 billion folks in the world who can't afford $600 phones.

If Apple chooses "profit margin," the way it did in the 1980s, then the company may well be screwed (how much so depends on how good a development platform Android becomes).

But Apple learned a brutal lesson about the importance of market share in the earlier era, one that has helped it in its second coming. So, perhaps, as the market matures, Apple will make the smarter long-term decision, which is to invest in market share and, in so doing, allow its extraordinarily high profit margin to fall.